MYR Group (NASDAQ:MYRG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a strong-buy rating in a report published on Monday morning.

Several other equities analysts have also recently weighed in on the company. Stifel Nicolaus lifted their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Thursday, November 13th. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group increased their price objective on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Finally, Jefferies Financial Group started coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $201.67.

MYR Group Price Performance

MYRG opened at $216.41 on Monday. The stock has a market cap of $3.36 billion, a P/E ratio of 34.96 and a beta of 1.24. MYR Group has a 12 month low of $97.72 and a 12 month high of $241.13. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $207.21 and a 200 day simple moving average of $187.38.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The firm had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. During the same period in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts expect that MYR Group will post 1.16 EPS for the current year.

Insider Buying and Selling

In related news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Large investors have recently modified their holdings of the business. Maseco LLP bought a new position in shares of MYR Group in the 2nd quarter valued at about $28,000. Salomon & Ludwin LLC acquired a new position in MYR Group during the third quarter valued at approximately $34,000. MAI Capital Management grew its stake in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of MYR Group during the 2nd quarter worth approximately $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of MYR Group during the 2nd quarter worth approximately $34,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.